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    Corum Kelleher chairs UBS to replace Axel Weber

    UBS will appoint former Morgan Stanley president Colm Kelleher as the next chair, according to people familiar with the decision when Axel Weber resigned next year after 10 years of oversight of Swiss lenders. ..

    People said the 64-year-old Irish Kelleher, who spent 30 years at a bank on Wall Street, could be announced on Saturday. UBS has extensively externally investigated Weber’s successors in connection with its role by Philipp Hildebrandt, former head of the Swiss National Bank, and Jean-Pierre Mustier, former CEO of UniCredit.

    Kelleher wasn’t immediately asked for comment. UBS declined to comment.

    Kelleher joined Morgan Stanley’s London office in 1989 after studying history at Oxford University. After running a fixed income trading desk in London, he moved to New York where he was promoted to Chief Financial Officer and President. He resigned from second place in the bank in March 2019 and maintained his role as senior advisor.

    The new chair will work with CEO Ralph Hammers, who took over UBS a year ago and promised to speed up digitalization. Former Dutch ING CEO sets out the group’s vision with a strategic update in February.

    One of Hummer’s main strategies is Digital Wealth Manager for large HNWI clients in the United States, which could launch as early as next year. With this launch, UBS will be exposed to direct competition from Morgan Stanley and others. Morgan Stanley also targets clients with assets of $ 250,000 to $ 2 million.

    UBS has outperformed most of its European rivals in recent years, primarily due to its position as the world’s largest wealth manager with a strong presence in Asia.Zurich-based company saw Rapid increase in profits During the pandemic, the wealth of wealthy customers has skyrocketed, thanks to the trillions of dollars the central bank has put into the global economy.

    UBS also benefits from the turmoil of its major rival Credit Suisse. Credit Suisse suffers from a series of scandals and huge transaction losses, costing UBS and its clients billions of dollars.

    The search for a new chair was led by UBS director Jeremy Anderson and backed by long-time creditor head hunter Egon Zehnder, one said. Bloomberg previously reported that Kelleher was in talks with UBS.

    During his long tenure at UBS, Weber helped stabilize banks after the state’s bailout, reduced investment banks and prioritized wealth management growth. This strategy has established UBS as one of the most successful and valuable European lenders. Weber was President of the Deutsche Bundesbank from 2004 to 2011.

    But Weber has left an unfinished business in Kelleher, who must help guide UBS through several controversial proceedings. A ruling on an appeal against a € 4.5 billion court decision in France to encourage tax evasion is scheduled for December.

    A parallel case is also under investigation by the Belgian authorities. UBS has secured $ 2 billion to cover expected legal costs.

    Hammers himself is being investigated by a Dutch court for his role in the money laundering scandal while at ING. He denied cheating.

    Deutsche Bank on Friday Presentation Alex Wynaendts, a veteran of Dutch insurance and a director of Citigroup, will replace Paul Achleitner next year.

    In late 2019, one of Germany’s largest shareholders, private equity firm Cerberus, called for the withdrawal of Achleitner, but failed. Exchange Kelleher and him.

    Corum Kelleher chairs UBS to replace Axel Weber

    Source link Corum Kelleher chairs UBS to replace Axel Weber

    The post Corum Kelleher chairs UBS to replace Axel Weber appeared first on Eminetra.

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